EXCHANGE CONTROL THRESHOLD CHANGES EFFECTIVE 1 APRIL 2015

EXCHANGE CONTROL THRESHOLD CHANGES EFFECTIVE 1 APRIL 2015 Exchange control rules are continually modernised to attract investment and enable local firms to expand internationally. With effect from 1 April 2015: Authorised dealers may process corporate investment up to R1 billion annually (up from R500 million) and may also carry over any unused allowance. South African residents’ Foreign Capital Allowance increases from R4 million to R10 million per year or upon emigration, or R20 million per family unit. The subcategories under the Individual Single Discretionary Allowance are removed and the annual R1 million allowance may…Read more …

Income Protection : Tax Changes

Impact of tax changes on income protection policies Recent changes to the Income Tax Act mean that, with effect from 1 March 2015, income protection premiums will no longer be tax-deductible. Importantly, income protection benefits will also no longer be taxed. This means your level of cover will effectively increase by the amount of tax previously payable on these benefits. What do these changes mean for income protection policies? While tax deductibility of premiums may have been lost, we believe income protection benefits have been enhanced by these changes: • Consistent tax treatment…Read more …

In Touch … With Audenberg Brokers

Growing up and helping them manage their finances The happiness of your children often goes hand in hand with helping them to obtain a successful financial future. As they get into their early twenties, and they start to enter the working world or perhaps near the completion of their tertiary studies, you’ll want to help guide them when it comes to making the best decisions about their finances. For some, this entails buying their first car for which we’ve provided useful tips on how younger drivers can cut costs on their car insurance…Read more …